Iridium Communications Inc [NASDAQ: IRDM] plunged by -$4.57 during the normal trading session on while it closed the day at $30.47. The company report on February 15, 2024 at 7:01 AM that Iridium Announces 2023 Results; Company Issues 2024 Outlook.
Extends estimate of useful life of satellites by five years.
Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) today reported financial results for the fourth quarter and full-year 2023 and issued its full-year 2024 guidance. Net income was $38.0 million, or $0.30 per diluted share, for the fourth quarter of 2023, as compared to net loss of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2022. Operational EBITDA (“OEBITDA”)(1) for the fourth quarter was $114.1 million, as compared to $107.0 million for the prior-year period, representing a year-over-year increase of 7%. Net income benefitted from a year-over-year decrease in depreciation expense resulting from a change in the estimated useful lives of the Company’s satellites, an increase in tax benefit and continued growth in total commercial services revenue.
Iridium Communications Inc stock has also loss -11.50% of its value over the past 7 days. However, IRDM stock has declined by -17.96% in the 3 months of the year. Over the past six months meanwhile, it has lost -38.46% and lost -25.97% year-on date.
The market cap for IRDM stock reached $3.77 billion, with 125.90 million shares outstanding and 110.66 million shares in the current float. Compared to the average trading volume of 745.74K shares, IRDM reached a trading volume of 3517970 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Iridium Communications Inc [IRDM]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IRDM shares is $57.57 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IRDM stock is a recommendation set at 1.57. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
William Blair have made an estimate for Iridium Communications Inc shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on Feb-16-24.
The Average True Range (ATR) for Iridium Communications Inc is set at 1.41, with the Price to Sales ratio for IRDM stock in the period of the last 12 months amounting to 4.78. The Price to Book ratio for the last quarter was 4.08, with the Price to Cash per share for the same quarter was set at 0.55. Price to Free Cash Flow for IRDM in the course of the last twelve months was 16.16 with Quick ratio for the last quarter at 1.53.
IRDM stock trade performance evaluation
Iridium Communications Inc [IRDM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.50. With this latest performance, IRDM shares dropped by -18.09% in over the last four-week period, additionally sinking by -38.46% over the last 6 months – not to mention a drop of -46.49% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IRDM stock in for the last two-week period is set at 27.62, with the RSI for the last a single of trading hit 25.05, and the three-weeks RSI is set at 30.06 for Iridium Communications Inc [IRDM]. The present Moving Average for the last 50 days of trading for this stock 38.00, while it was recorded at 33.97 for the last single week of trading, and 47.65 for the last 200 days.
Iridium Communications Inc [IRDM]: An insightful look at the core fundamentals
Iridium Communications Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.53 and a Current Ratio set at 2.13.
Earnings per share (EPS) analysis for Iridium Communications Inc [IRDM] stock
With the latest financial reports released by the company, Iridium Communications Inc posted -0.01/share EPS, while the average EPS was predicted by analysts to be reported at 0/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IRDM.
Iridium Communications Inc [IRDM]: Institutional Ownership
The top three institutional holders of IRDM stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in IRDM stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in IRDM stock with ownership which is approximately 5.8325%.
